---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-151334"
form_type: "8-K"
ticker: "SPHR"
cik: "0001795250"
company_name: "Sphere Entertainment Co."
filed_at: "2025-06-27T23:59:59+00:00"
generated_at: "2026-05-18T16:20:05.437816+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MSG Networks completes debt restructuring: $210M term loan, Knicks/Rangers rights fees reduced 28%/18%

## Summary
- New $210M term loan facility replaces existing $514M debt; matures Dec 2029, SOFR+5%.
- $80M cash payment to Lenders on closing, funded partly by $15M Sphere capital contribution.
- Knicks media rights fee reduced 28%, Rangers reduced 18%; escalators eliminated, contracts to 2028-29 season.
- Lenders receive Contingent Interest Units entitling to 50% of excess cash and M&A proceeds up to $100M aggregate.
- MSG Sports receives penny warrants for 19.9% of MSG Networks common stock.

## SEC filing metadata
- accession: 0001193125-25-151334
- form_type: 8-K
- ticker: SPHR
- cik: 0001795250
- company_name: Sphere Entertainment Co.
- filed_at: 2025-06-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1795250/000119312525151334/0001193125-25-151334-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1795250/000119312525151334/d86547d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-151334
- JSON: https://secwatch.observer/filing/0001193125-25-151334.json
- Plain text: https://secwatch.observer/filing/0001193125-25-151334.txt

## Key facts
- Debt Financings
  Sphere Entertainment Co. incurred term loan of $210 million with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto at SOFR plus 5.00% maturing December 2029.
  - Instrument: term loan
  - Principal: $210 million
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
  - Rate: SOFR plus 5.00%
  - Maturity: December 2029
  - Event: incurrence
  source text: the Borrower’s existing credit facility has been replaced with a new $210 million term loan facility (the “New Term Loan Facility”), which matures in December 2029.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1795250/000119312525151334/0001193125-25-151334-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.